Barings BDC
Finances middle-market companies through senior secured loans managed by Barings.
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Profile
An externally managed BDC that invests primarily in senior secured loans to middle-market companies across industries. Barings supplies investment and administrative services, separating the listed vehicle from its external manager.
Pursues private credit for middle-market companies, primarily through senior secured loans to companies across industries. The listed investment company is a business development company, rather than an operating business that sells products or services.
Barings LLC serves as investment adviser and administrator, providing day-to-day investment and administrative services. The issuer reports no employees, so the operating model depends on those advisory and administration agreements.
The company emerged from Triangle Capital's portfolio sale and externalization to Barings, then completed combinations with MVC Capital and Sierra Income. Its common shares trade on the NYSE under BBDC.
Company facts
Categories
Key statistics
Year to date +1.2% · Average volume (30d) 731.9K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Wells Fargo | Reiterate | Overweight | $12.50 | $10 | |
| May 28, 2025 | Wells Fargo | Upgrade | Equal Weight | Overweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.25 | $0.28 | +12.7% | $60.1M | $65.2M | +8.5% | +9.26% |
| May 7, 2026Q1 FY26 | $0.25 | $0.25 | 0.0% | $62.5M | $60.6M | −3.2% | −0.34% |
| Feb 19, 2026Q4 FY25 | $0.26 | $0.27 | +3.8% | $67.7M | $68.0M | +0.5% | +1.10% |
| Nov 6, 2025Q3 FY25 | $0.27 | $0.32 | +18.5% | $67.7M | $72.4M | +7.0% | −0.44% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $54.9M | $45.8M | $71.0M | $49.7M | $52.2M | $83.7M | |
| Gross profit | $34.7M | $23.7M | $57.0M | $28.5M | $39.2M | $70.8M | |
| Operating income | $33.0M | $21.4M | $47.9M | $26.6M | $37.7M | $38.3M | |
| Net income | $32.6M | $20.6M | $23.6M | $25.2M | $20.0M | $18.3M | |
| Diluted EPS | $0.31 | $0.20 | $0.22 | $0.24 | $0.19 | $0.18 | |
| Gross margin | 63.2% | 51.6% | 80.2% | 57.3% | 75.1% | 84.6% | |
| Operating margin | 60.1% | 46.6% | 67.4% | 53.5% | 72.1% | 45.7% |
Fiscal years (4-quarter sums)FY21 $118.3M · FY22 $219.1M · FY23 $289.2M · FY24 $210.9M · FY25 $221.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $51.4M · Total debt $1.39B · Total assets $2.58B · Shareholders' equity $1.15B
Dividends
Last raised to $0.26 from $0.25 in Sep 2023. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 3, 2026 | Jun 3 | Jun 10 | $0.26 | |
| Mar 4, 2026 | Mar 4 | Mar 11 | $0.26 | |
| Dec 3, 2025 | Dec 3 | Dec 10 | $0.26 | |
| Sep 3, 2025 | Sep 3 | Sep 10 | $0.36 | special dividend |
| Jun 4, 2025 | Jun 4 | Jun 11 | $0.36 | special dividend |
| Mar 5, 2025 | Mar 5 | Mar 12 | $0.36 | special dividend |
| Dec 4, 2024 | Dec 4 | Dec 11 | $0.26 | |
| Sep 4, 2024 | Sep 4 | Sep 11 | $0.26 |
Ownership
Shares outstanding 104.71M · Float 104.06M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Barings LLC | 13.64M | 13.03% | 13F | Aug 7, 2026 |
| Private Management Group Inc | 4.78M | 4.56% | 13F | Jul 31, 2026 |
| Ares Management LLC | 4.16M | 3.98% | 13F | Aug 14, 2026 |
| Cresset Asset Management, LLC | 2.55M | 2.43% | 13F | Aug 14, 2026 |
| Van Eck Associates Corp | 2.31M | 2.21% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 3, 2026 | Thomas McDonnell | officer: Chief Executive Officer | +10,000 | $8.27 |
| Dec 9, 2025 | Stephen R. Byers | director | −5,671 | $8.98 |
| Dec 9, 2025 | Stephen R. Byers | director | +6,761 | $8.97 |
Peers
- Ares Capital
Large-scale direct lender to U.S. middle-market borrowers
- Blue Owl Capital
Direct lender to U.S. middle-market companies
- FS KKR Capital
Customized credit provider to private U.S. middle-market companies
- Blackstone Secured Lending Fund
First-lien private-credit lender to U.S. companies
- Golub Capital BDC
Private-equity-sponsored middle-market credit lender
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Barings BDC | $9.37 | +0.21% | $979.0M | 11.3 | 9.0 | 3.8 | +42.3% |
| Ares Capital | $19.97 | +0.15% | $14.32B | 14.8 | 10.3 | 6.2 | +32.6% |
| Blue Owl Capital | $11.37 | +0.64% | $5.61B | 20.2 | 8.8 | 4.0 | −20.8% |
| FS KKR Capital | $12.22 | −0.41% | $3.43B | — | 7.8 | 3.6 | +11.5% |
| Blackstone Secured Lending Fund | $24.83 | +0.35% | $5.76B | 19.6 | 9.5 | 5.4 | +25.9% |
| Golub Capital BDC | $13.03 | +0.04% | $3.39B | 23.7 | 10.1 | 4.7 | −14.2% |
| Median | 19.9 | 9.5 | 4.7 | +11.5% |